Our margins shouldn't be so low that we are at risk of going out of business, which won't help our customers any, but they should reflect a proper amount of investment in our internal team and our customers. We can offset some of the costs of this investment through the productivity gains that technology brings.
As we reinvest, we will need to find new ways to bring value to our clients beyond a doubt. Firms that use an integrated, holistic approach to advising customers on their finances will have tremendous opportunity to grow in this new environment — provided they influence their investors' behavior in way that moves the needle on their returns.
However, the value they offer must go well beyond the performance of their investments. We need to take the gamble out of hitting financial milestones for our clients. If they want to have a wedding, pay for their children's education or retire, they need to know the money will be there.